dormakaba (DOKA) H1 2026 earnings summary

Executive summary

• Achieved organic net sales growth of 2.0% and Adjusted EBITDA margin of 15.6%, supported by CHF 185 million in cost savings delivered ahead of plan, despite challenging macroeconomic conditions and trade tariffs.

• Completed six bolt-on acquisitions, including TANlock and Avant-Garde, accelerating portfolio expansion and strengthening offerings in critical infrastructure and the US market.

• Strong project wins in key verticals such as data centers, airports, healthcare, and marine, with data center sales showing a 5-year CAGR above 50%.

• S&P Global Ratings assigned a BBB investment grade rating with a stable outlook, reflecting a strong financial position.

Financial highlights

• Net sales reached CHF 1,362.7 million, with organic growth of 2.0% driven by strong pricing (+2.6%) despite a -0.6% volume decline; reported sales declined 4.1% due to currency headwinds and divestments.

• Adjusted EBITDA was CHF 211.9 million, margin expanded by 40 bps to 15.6%.

• Net profit amounted to CHF 77.4 million, down 20% year-over-year; return on capital employed improved to 30.3%.

• Adjusted operating cash flow margin at 4.5%, down 290 bps year-over-year due to timing of taxes, prepayments, and higher CAPEX; free cash flow was negative at CHF -22.0 million.

• Gross margin slightly decreased by 10-20 bps to 40.9%.

Outlook and guidance

• Full-year 2025/26 guidance reiterated: organic net sales growth of 3-5% (lower end expected), adjusted EBITDA margin above 16%, and adjusted operating cash flow margin of 11.5-12.5%.

• Stronger volume growth expected in H2, supported by robust order backlog and project pipeline.